Max Estates Acquires Stalled 'Delhi One' Project - Invests Rs. 1,400 Crore

Max Estates Ltd acquired control of the stalled 'Delhi One' project in Noida through bankruptcy proceedings where it plans to invest Rs.1400 crore rupees for development purposes. Max Estates acquired Boulevard Projects Pvt Ltd through insolvency proceedings to continue the work on Delhi One project in Noida which has been under construction delay for 7 years.

Delhi One Rejuvenation Project Gateway was acquired by Max Estates Ltd through 34,000 fresh equity issue shares to the company and its nominees on April 23, 2022.

The project incorporates three operational elements that combine luxury serviced dwellings supported by upscale office facilities together with retail opportunities. Max Estates received concluding authorization from NCLT and NCLAT during February 2023 and October 2024.

"The project is expected to generate a total sales potential of approximately Rs. 2,000 crore, along with an annuity rental income potential of around Rs.120 crore," Max Estates said.

The company stated that project acquisition fits into its established plan to build its real estate business sector. The real estate development company Max Estates continues its growth through office complex developments throughout Delhi-NCR before extending its presence into residential real estate development. The company made this acquisition because it wants to expand its property business by reaching new market opportunities and creating diversification in its portfolio. The company opts to buy unproductive and late-stage development projects to extract maximum value while enhancing its standing in the commercial and residential property sectors.